Navigating the finances and ensuring the fiscal stability of your cooperative corporation or condominium association has never been an easy task. Certainly, New York's residential community has been through some challenging times, and look…
In today's low interest rate environment, refinancing is the top agenda item for many cooperatives. However, while the current interest rates would seem to guarantee a "win-win" situation, a savvy board must take into account more than ju…
A taxpayer normally recognizes gain or loss realized on the sale or exchange of property. However, pursuant to Section 1031 of the tax code, there is no recognition of gain or loss on the exchange of property for like-kind property. …
Sometimes a board has no choice about when to repair or replace some building feature or piece of equipment. If the boiler goes on the fritz in January, for example, it has to be fixed - period. Other projects, like interior design and ren…
In 1998, after receiving a "bill" for zero dollars and zero cents for the prior year's school taxes, some New York State property owners wrote checks to the government in that amount. They were convinced that a clerical error had been mad…
While many New Yorkers have navigated the process of applying and interviewing for - and eventually buying - a co-op or condo, securing a mortgage can be a complex, sometimes, lengthy process in which professional advice is recommended and…
Whether it's a house, co-op or condo, renovations are fraught with potential problems. Such quagmires as multiple change orders, delayed supplies or contractor errors can add substantial costs to a budget. One way to bypass problems and wo…
When most people think of fat, they think of unsightly rolls on out-of-shape bodies, but the truth is, buildings can be over-padded, too. Given the stagnant economy, boards can't afford to let their buildings just wallow in fiscal waste. I…
Back in the days of irrational exuberance, co-op board directors would occasionally contact me to inquire about investing in stocks to achieve higher rates of return on reserve funds. I believed it was an unwise move then and my advice wou…
The city has been buzzing in recent months over Mayor Bloomberg's historic 18.5 percent property tax hike and what it will mean for property owners throughout the five boroughs. The tax hike comes hard on the heels of serious increases in …